(10/30/2007) NEW HAVEN- The City of New Haven has been anxiously awaiting passage of a State Bond Act that would reimburse millions of dollars previously approved by the Bond Commission for its Citywide School Construction program. A bond package was passed today releasing the school construction money as well as allowing for the funding of a number of projects in New Haven including: structural repairs, airport expansion, development, relocation of Gateway Community College to Downtown, housing and support of City-based non-profit organizations and projects.

“I’d like to congratulate the Governor and our New Haven delegation. This bond act increases jobs and property wealth in New Haven,” said Mayor John DeStefano, Jr. “New Haven’s best days are ahead. As far as we’ve come, we’re now prepared to go even further.”

As the City waited for a bond package to be approved, it had to take on short-term loans to continue to fund its Citywide School Construction program, the largest in the State. DeStefano was pleased to learn that the bond package approved today allows for municipalities to receive reimbursements for incurred fees, interest and other costs or lost income associated with short-term borrowing for approved school construction projects.

Representative Patricia Dillon (D-94), introduced funding to aid homeowners in the City’s Beverly Hills section for structurally damaged homes due to subsidence located in the immediate vicinity of the West River. The bond package approved today therefore contains $2 million in grants for eligible Beverly Hills homeowners.